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Macro Markets: Creating Institutions for Managing Society's Largest Economic Risks (Clarendon Lectures in Economics) - Softcover
Book 2 of 6: Clarendon Lectures in Economics
Synopsis
Arguing that we have largely inadequate financial markets, dealing with relatively small risks, Robert Shiller makes a unique set of proposals for marketizing the biggest economic risks faced by society today, risks that really matter to most people. The new markets could diminish the impact of international economic fluctuations and reduce the inequality of wealth. He proposes new international markets for claims on national incomes, on components and aggregates of national incomes, and for property such as real estate, and argues that these markets might dwarf our stock markets in their activity and significance. He challenges the widespread presumption that any such new market would be infeasible, by offering solutions to technical problems of measurement and settlement. There are proposals for implementing markets in perpetual claims and a substantial section on the construction of index numbers for use in settlement in the new markets.
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Review
The book is fresh, provocative, well written, and well argued. I recommend it not only to financial and macro-economists, but to the larger economic community interested in the character and costs of business cycles. (Journal of Economic Literature)
[This] book, unique in its approach...offers an unusual combination of passionate advocacy with precise theoretical reasoning...this book will focus the attention of economists on the idea of constructing risk markets and probably recruit not a few to Schiller's active programme of market creation. (The Economic Journal economists)
Book Description
Robert J. Shiller was the recipient (with Eugene F. Fama and Lars Peter Hansen) of the 2013 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel
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Macro Markets: Creating Institutions for Managing Society's Largest Economic Risks (eng)
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Macro Markets : Creating Institutions for Managing Society's Largest Economic Risks
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Macro Markets: Creating Institutions for Managing Society's Largest Economic Risks (Clarendon Lectures in Economics)
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Macro Markets (Paperback)
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Paperback. Condition: new. Paperback. Macro Markets puts forward a unique and authoritative set of detailed proposals for establishing new markets for the management of the biggest economic risks facing society. Our existing financial markets are seen as being inadequate in dealing with such risks and Professor Shiller suggests major new markets as solutions to the problem.Shiller argues that although some risks, such as natural disaster or temporary unemployment, areshared by society, most risks are borne by the individual and standards of living determined by luck. He investigates whether a new technology of markets could make risk-sharing possible, and shows how newcontracts could be designed to hedge all manner of risks to the individual's living standards. He proposes new international markets for perpetual claims on national incomes, and on components and aggregates of national incomes, concluding that these markets may well dwarf our stock markets in their activity and significance. He also argues for new liquid international markets for residential and commercial property.Establishing such unprecedented new markets presentssome important technical problems which Shiller attempts to solve with proposals for implementing futures markets on perpetual claims on incomes, and for the construction of index numbers for cashsettlement of risk management contracts. These new markets could fundamentally alter and diminish international economic fluctuations, and reduce the inequality of incomes around the world. A set of proposals for establishing new financial markets for the management of the biggest economic risks faced by governments. The author argues that such a process may fundamentally alter and diminish international economic fluctuations and reduce the inequality of incomes. The book is part of the Clarendon Lectures in Economics series. This item is printed on demand. Shipping may be from our Sydney, NSW warehouse or from our UK or US warehouse, depending on stock availability. Seller Inventory # 9780198294184
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Macro Markets
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Paperback. Condition: New. Macro Markets puts forward a unique and authoritative set of detailed proposals for establishing new markets for the management of the biggest economic risks facing society. Our existing financial markets are seen as being inadequate in dealing with such risks and Professor Shiller suggests major new markets as solutions to the problem. Shiller argues that although some risks, such as natural disaster or temporary unemployment, are shared by society, most risks are borne by the individual and standards of living determined by luck. He investigates whether a new technology of markets could make risk-sharing possible, and shows how new contracts could be designed to hedge all manner of risks to the individual's living standards. He proposes new international markets for perpetual claims on national incomes, and on components and aggregates of national incomes, concluding that these markets may well dwarf our stock markets in their activity and significance. He also argues for new liquid international markets for residential and commercial property. Establishing such unprecedented new markets presents some important technical problems which Shiller attempts to solve with proposals for implementing futures markets on perpetual claims on incomes, and for the construction of index numbers for cash settlement of risk management contracts. These new markets could fundamentally alter and diminish international economic fluctuations, and reduce the inequality of incomes around the world. Seller Inventory # LU-9780198294184
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Macro Markets (Paperback)
Published by
Oxford University Press, Oxford, 1998
ISBN 10: 0198294182
ISBN 13: 9780198294184
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Paperback. Condition: new. Paperback. Macro Markets puts forward a unique and authoritative set of detailed proposals for establishing new markets for the management of the biggest economic risks facing society. Our existing financial markets are seen as being inadequate in dealing with such risks and Professor Shiller suggests major new markets as solutions to the problem.Shiller argues that although some risks, such as natural disaster or temporary unemployment, areshared by society, most risks are borne by the individual and standards of living determined by luck. He investigates whether a new technology of markets could make risk-sharing possible, and shows how newcontracts could be designed to hedge all manner of risks to the individual's living standards. He proposes new international markets for perpetual claims on national incomes, and on components and aggregates of national incomes, concluding that these markets may well dwarf our stock markets in their activity and significance. He also argues for new liquid international markets for residential and commercial property.Establishing such unprecedented new markets presentssome important technical problems which Shiller attempts to solve with proposals for implementing futures markets on perpetual claims on incomes, and for the construction of index numbers for cashsettlement of risk management contracts. These new markets could fundamentally alter and diminish international economic fluctuations, and reduce the inequality of incomes around the world. A set of proposals for establishing new financial markets for the management of the biggest economic risks faced by governments. The author argues that such a process may fundamentally alter and diminish international economic fluctuations and reduce the inequality of incomes. The book is part of the Clarendon Lectures in Economics series. This item is printed on demand. Shipping may be from multiple locations in the US or from the UK, depending on stock availability. Seller Inventory # 9780198294184